September home sales down on Irma, price trends firm

October 20, 2017

When it comes to assessing the impact of Hurricane Irma on the Cape Coral real estate market, there are a couple of things that are clear. First, Irma definitely had a negative impact on the number of homes sold in September, but median sales price trends held firm. Second, despite some people having significant storm damage issues, it is clear that it could have been much worse. Here is how our market shapes up, as we wait for a return to normal.

In the overall Cape Coral single-family home market, the number of homes sold declined by 24.5 percent to 302 in September, from 400 homes sold in September 2016, and we were down 32.74 percent from the 449 homes sold in August. In the 3rd quarter there were 1,170 homes sold in the Cape, down only 3.15 percent from the 1,208 sold in the 3rd quarter 2016, but down 16 percent versus the 1,393 homes sold in the 2nd quarter 2017. Through Sept. 30, we have averaged 401.33 homes sold per month, up 3.08 percent versus an average of 389.33 sold per month in the first 9 months of 2016.

Median sales prices in the overall Cape Coral single-family home market were up 4.25 percent, to $235,000, in September, compared to $225,414 in September 2016, and up 2.62 percent from $229,000 in August. In the 3rd quarter, median sales prices were up 3.69 percent, averaging $230,000 per month versus $221,805 per month in the 3rd quarter 2016, and up a fraction versus the average of $228,550 per month in the 2nd quarter of this year. Through Sept. 30, median sales prices have averaged $229,606 per month, up 7.32 percent compared to an average of $213,952 per month in the first 9 months of 2016.

Gulf access

canal homes

The number of Cape Coral gulf access canal homes sold declined by 12.66 percent to 69 homes sold in September, from 79 homes sold in September 2016, while dropping 19.77 percent from the 86 gulf access homes sold in August. In the 3rd quarter there were 234 gulf access homes sold in Cape Coral, up 1.74 percent from the 230 sold in the 3rd quarter 2016, but down 25.48 percent compared to the 314 homes sold in the 2nd quarter 2017. Through Sept. 30, an average of 89.56 gulf access homes have been sold per month, up 13 percent compared to an average of 79.22 sold per month in the first 9 months of 2016.

Median sales prices for Cape Coral gulf access canal homes were up 18.75 percent, jumping to $475,000 in September, compared to $400,000 in September 2016, and up 12.16 percent from $423,500 in August. We expect the median sales price to return back to its normal range soon. In the 3rd quarter, median sales prices were up 15.49 percent, averaging $436,833 per month versus $378,250 per month in the 3rd quarter 2016, and up 5.78 percent compared to an average of $412,958 per month in the 2nd quarter 2017. Through Sept. 30, median sales prices have averaged $422,064 per month, up 9.27 percent compared to an average of $386,250 per month in the first 9 months of 2016.

Sailboat access

canal homes

The number of Cape Coral sailboat access canal homes sold declined by 33.33 percent to 26 homes sold in September, from 39 homes sold in both September 2016, and in August of this year, respectively. In the 3rd quarter there were 101 sailboat access homes sold in Cape Coral, up 13.48 percent from the 89 sold in the 3rd quarter 2016, but down 22.9 percent versus the 131 homes sold in the 2nd quarter 2017. Through Sept. 30, an average of 40 sailboat access homes have been sold per month, up 20 percent compared to an average of 33.33 sold per month in the first 9 months of 2016.

Median sales prices for Cape Coral sailboat access canal homes were up 18.69 percent, rising to $498,500 in September, compared to $420,000 in September 2016, and up 13.3 percent from $440,000 in August. This topped 2017's previous high of $487,000 from back in March. In the 3rd quarter, median sales prices were up 19.14 percent, averaging $447,833 per month versus $375,900 per month in the 3rd quarter 2016, and up 7.06 percent versus an average of $418,317 per month in the 2nd quarter 2017. Through Sept. 30, median sales prices have averaged $441,217 per month in 2017, up 13.97 percent compared to an average of $387,136 per month in the first 9 months of 2016.

Freshwater canal homes

The number of Cape Coral freshwater canal homes sold declined by 40 percent to 24 homes sold in September, from 40 homes sold in September 2016, and down 35.14 percent from 37 sold in August. In the 3rd quarter there were 101 freshwater canal homes sold in Cape Coral, down 24 percent from the 133 sold in the 3rd quarter 2016, and down 28.87 percent versus the 142 homes sold in the 2nd quarter 2017. Through Sept. 30, an average of 38.11 freshwater canal homes have been sold per month, down 5.76 percent versus an average of 40.44 sold per month in the first 9 months of 2016.

Median sales prices for Cape Coral freshwater canal homes were up 0.9 percent to $287,500 in September, compared to $284,950 in September 2016, and up 5.12 percent from $273,500 in August. In the 3rd quarter, median sales prices were up 0.72 percent, averaging $277,333 per month versus $275,350 per month in the 3rd quarter 2016, but down a fraction compared to the average of $278,317 per month in the 2nd quarter 2017. Through Sept. 30, median sales prices have averaged $278,689 per month, up 3 percent versus an average of $270,578 per month in the first 9 months of 2016.

Dry lot homes

The number of Cape Coral dry lot (non-canal) homes sold declined by 25.62 percent to 209 homes sold in September, from 281 homes sold in September 2016, and down 35.9 percent from 326 sold in August. In the 3rd quarter there were 835 dry lot homes sold in Cape Coral, down 0.95 percent from the 843 sold in the 3rd quarter 2016, and down 10.79 percent versus the 936 homes sold in the 2nd quarter 2017. Through Sept. 30, an average of 273.56 dry lot homes have been sold per month, up 1.53 percent versus an average of 269.44 sold per month in the first 9 months of 2016.

Median sales prices for Cape Coral dry lot homes were up 7.55 percent to $214,999 in September, compared to $199,900 in September 2016, and up 2.38 percent from $210,000 in August. In the 3rd quarter, median sales prices were up 6.78 percent, averaging $211,633 per month versus $198,200 per month in the 3rd quarter 2016, and up 3.42 percent versus an average of $204,630 per month in the 2nd quarter 2017. Through Sept. 30, median sales prices averaged $205,081 per month, up 8.71 percent versus an average of $188,644 per month in the first 9 months of 2016.

(The sales data for this article was obtained from the Florida Realtors Multiple Listing Service Matrix for Lee County, Fla., as of Oct. 15, 2017, and it was compiled by Bob and Geri Quinn. It includes information specifically for Cape Coral single-family homes, not including condominiums, foreclosures or short sales. The data and statistics are believed to be reliable, however, they could be updated and revised periodically, and are subject to change without notice. The Quinns are a husband and wife real estate team with the RE/MAX Realty Team office in Cape Coral. They have lived in Cape Coral for over 38 years. Geri has been a full-time Realtor since 2005, and Bob, who also holds a Certified Financial Planner designation, joined with Geri as a full-time Realtor in 2014. Their real estate practice is mainly focused on Cape Coral residential property and vacant lots.)